Kingfisher Reports Mixed Results in Sales Update; One Kingfisher Plan on Track; Shares Undervalued
Narrow-moat Kingfisher’s fiscal 2019 second-quarter sales update revealed mixed results for the quarter, with strength in the U.K. segment, but struggles at Castorama (21% of 2018 sales) continued. Overall sales for the first half grew 1.2%, near our 2019 expectation of 2.2% growth. While the sales update did not provide explicit detail on margins, the firm said that it anticipates gross margins to expand despite near-term headwinds in the quarter as the One Kingfisher plan continues to be on tr...
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